9911796707
TMI Blog2019 (5) TMI 25X X X X Extracts X X X X X X X X Extracts X X X X ..... SUDHAKAR REDDY :- This appeal by the assessee directed against the order of the ld. Commissioner of Income Tax (Appeals)-3, Kolkata (hereinafter the 'ld. CIT (A)'), passed u/s 250 of the Income Tax Act, 1961 (the 'Act'), dated 23.11.2017 for Assessment Year 2012-13. 2. The assessee is a company and its nature of business is online market/auction for steel and other products and also for arrangi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Rs. 7,47,32,288/- which is exempted from tax. The assessee has suo moto disallowed Rs. 14,82,017/- u/s 14A. The Assessing Officer made an additional disallowance of Rs. 51,86,247/- under normal provisions of the Act. 5. Aggrieved, the assessee carried the matter in appeal without success. Further aggrieved the assessee is in before us. 6. After hearing rival contentions, we find that the disal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessing Officer has not given any cogent reason as to why he is not satisfied with the suo moto disallowance made by the assessee. The Assessing Officer's comment that the assessee did not to maintain separate books of accounts, for the expenses incurred in relation to earning of income not includible in the 'total income' would tantamount to AO being of the opinion that the assessee should ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wn case in ITA No.1960/Kol/2016 at Para 10 held as follows: "10. We set aside this issue to the file of the A.O to fresh adjudication in accordance with law. The Assessing Officer may either wait for the judgment of Hon'ble Supreme Court in the case of Exide Industries Ltd. supra or may consider the alternative plea of the assessee that the claim be allowed on actual payment basis and if it is s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In our view, this issue is to be set aside to the file of the Assessing Officer, to examine whether the provision, in question, has been computed on scientific basis by using actuarial valuation as claimed. If so, the proposition of law laid down by the Hon'ble Supreme Court in the case of Bharat Earth Movers vs. CIT; 245 ITR 428(SC) is to be applied by the Assessing Officer. As this aspect as to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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